Today, following the passage of the bipartisan JOBS Act, Congressman Marlin Stutzman (IN-03) issued the following statement.
"The JOBS Act knocks down some of Washington's regulatory barriers and creates new growth opportunities for America's small businesses, startup companies, and entrepreneurs," said Stutzman. "I come from the small business world where the only guarantee is hard work. Small businesses create well over half of the new jobs in our economy and, if we're serious about recovery, we have to get Washington out of their way. Every small business owner in America knows that access to capital is essential for growth. Washington's red-tape and regulatory environment have created uncertainty and make it increasingly difficult for small business to expand and innovate. Today's legislation is an important step to promote job growth."
The JOBS Act, H.R. 3606, packages bipartisan measures that increase capital formation, spur startups and small business, and enables more small-scale businesses to enter public markets. The legislation encourages small companies to go public and ensures that they transition to full conformity with the Securities and Exchange Commission's regulations over time or as their growth allows them to sustain the compliance requirements associated with larger, more established companies. Additionally, the bill would amend the law to increase the number of shareholders permitted to invest in community banks from 500 to 2,000. The initiatives are supported by bipartisan lawmakers, the President's Jobs Council, and members of the business community.